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Self-employed individuals pay both the employer and employee portions of Social Security and Medicare taxes. This calculator estimates your total self-employment tax and suggested quarterly payments.
Self-Employment Tax Calculator
Results
Net SE Income
$80,000.00
Self-Employment Tax
$11,303.64
Social Security
$9,161.12
Medicare
$2,142.52
Deductible Half
$5,651.82
Estimated Income Tax
$8,197.60
Total Estimated Tax
$19,501.24
Effective Tax Rate
24.38%
Quarterly Payment
$4,875.31
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How It Works
Self-employment tax is 15.3% of 92.35% of net self-employment income (12.4% Social Security up to the wage base + 2.9% Medicare). Half is deductible from income tax.
Formula
SE Tax = (Net Income × 0.9235) × 15.3%; Quarterly Payment = Total Tax / 4Assumptions
- 2024 Social Security wage base ($168,600)
- 92.35% of net income is taxable for SE tax
- Half of SE tax is deductible
- Standard deduction applied for income tax estimate
Frequently Asked Questions
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